As part of the Faculty of Liberal Arts & Professional Studies' Dean's Award for Research Excellence (DARE) program, Professor Daniel Richard worked with Raquel Iantorno, a student at York University, to achieve a rare academic milestone for undergraduates: co-authoring and publishing an academic study.
Richards, a personal finance professor at York University's School of Administrative Studies, had a pressing question: "One of the recurring issues faculty face is that we don't really know what happens after a graduate leaves our University and begins their career towards becoming a financial planner," Richards says.
As the Canadian financial planning industry grapples with a workforce shortage due to retiring professionals, anoter critical question emerges: How can graduates enter the field when employers demand experience, but new entrants lack the practical skills needed to succeed?
To explore this, Richards turned to DARE, a summer term program that funds undergraduate students for full-time research opportunities with faculty members.
This is where Iantorno, a finance student pursuing a bachelor of commerce degree, entered the picture. Iantorno, who hopes to eventually earn certification in financial planning, had been seeking ways to not only engage more deeply at York University but also to develop a skill set that would set her apart in the field.
"When I read Professor Richards' research proposal, it really resonated with me because it focused on the challenges graduates face in developing careers in financial planning," Iantorno says.
After she applied, Richards recognized Iantorno's potential and believed her skills would complement the project. In particular, her past experience conducting interviews for a sports podcasts struck him as something relevant for the research project, which would require conversations with a range of finance professionals. Her status as a student would also be an asset.
"I talk to these professionals and they may give more guarded responses," Richards explains. "But when an undergraduate student conducts the interviews, they're often more open, sharing insights in a way they might not with a professor. Raquel had the ability to get data that I couldn't."
Iantorno, for her part, was eager to learn the intricacies of academic research through the collaboration. "We had to explore what kind of research already existed in this area, ensuring we didn't duplicate previous studies. We also had to learn how to conduct interviews effectively, something Professor Richards guided me through with valuable resources and practice."
The pair conducted interviews with 20 professionals in the field, analyzing responses to uncover key themes related to early career success in financial planning: education, social capital and initial roles.
Iantorno played an active role in designing interview questions, conducting interviews and analyzing the data. "I transcribed interviews, analyzed the data, and helped identify patterns and themes related to the successful career trajectories of financial planners," she notes.
The culmination of this research was presented by Iantorno at an online financial planning conference, showcasing valuable insights for both students and industry professionals.
Raquel Iantorno and Daniel Richard with a poster presentation based on the research they conducted together.
Afterwards, it became clear to Richards that the work they had done would be worth sharing and publishing in an academic journal. While rare for an undergraduate student to have research work published, it was never a question for Richard to move forward on this without Iantorno. They collaborated on the article and it was accepted by the Financial Planning Research Journal, and will be published on April 9.
Iantorno is proud of the accomplishment and the important potential of its content reaching a broader audience. "There's a need to address the succession issue in the financial planning industry," Iantorno says. "Our research suggests that employers should make entry-level roles more accessible by clearly outlining the skills graduates need to develop. Mentorship is also crucial to help new professionals navigate their career paths."
Richards, too, recognizes the importance of this research. "This study provides valuable insights for designing financial planning curricula and offers practical advice for students pursuing a career in the field. As more financial planners retire, the demand for new talent will only grow. There's a real opportunity for students to step in and fill that gap."
The latter sentiment applies equally to the DARE program, which enabled the successful collaboration between Richards and Iantorno. By participating in this program, students gain valuable experience in research, from data collection and analysis to presenting findings at events.
"The DARE program allows students to contribute to high-level research while developing transferable skills such as critical thinking, communication and effective presentation," Richards says. "It's not just about completing a project - it's about giving students the tools they need to succeed in both their academic and professional careers."
For Iantorno, the experience provided much more than just academic knowledge.
"Being part of this research project opened my eyes to the many career opportunities within financial planning," she says. "It taught me how to balance technical skills with the softer skills necessary for success in the industry. Most importantly, it gave me the confidence to pursue a career in financial planning."
This story was originally featured in YFile, York University's community newsletter.
